By Alexander Germanis
“A penny saved is a penny earned,” is an axiom that holds as true today as it did the day Benjamin Franklin first dispensed this financial advice. The only problem is a penny does not go anywhere near as far as it did in his day. In fact, if the founding father saw how much things cost right now, his bifocals would probably shatter.
With skyrocketing inflation, market fluctuations, and dwindling interest rates at banks, a lengthy retirement starts to look more and more like an unattainable dream. To compound matters, in need of additional revenue, the federal government is highly likely to push for substantial tax increases.
Fortunately, the investment representatives at McBeath Financial Group in Normal have a mission quite different from the government’s: to preserve your wealth, your lifestyle, and your legacy.
More for Her Clients
The President of McBeath Financial Group is Investment Advisor Representative Krista McBeath. With a degree and experience in insurance, she initially began offering Fixed Index Annuities (FIAs) to protect families’ retirement funds from market risks. “This was right after the 2008 market drop. There was a lot of fear at that time, and I just wanted to protect people from market losses,” she recalls. “Along the way, I realized it was a short-sighted approach to handling families’ life savings. It seemed traditional ‘retirement planning’ as an industry was failing American families. I began to question why we shouldn’t expect more than just a secure retirement from our life’s work and sacrifice. Don’t our families deserve more?”
With a fresh perspective, she dedicated herself to a new approach as a financial advisor. Such a shift required an intensive educational process and extensive upgrades to her company infrastructure.
Earning her Chartered Financial Consultant Designation® (ChFC) and becoming a fiduciary, Krista obtained a series 65 securities license and even created her own Registered Investment Advisory (RIA) firm, Landmark Wealth Management, Inc. Partnering with large financial institutions and heavily investing time and money in cutting edge software, Krista’s path equipped her with the tools necessary to eventually become a leading fee-based comprehensive financial planning and investment firm.
More for Family
No small business evolution is complete without taking into account how one’s family factors in. It was on Krista’s first business trip away from her child when an anxiety attack hit her with one poignant thought: What if she didn’t make it back?
It was then Krista realized there was a higher purpose to all her work. Her true calling lay in legacy planning. Through planning and wealth transfer strategies to provide for future generations, she would help families ensure loved ones are provided for at a time when they are no longer there.
This upgrade was as much for Krista and her loved ones as it was for her clientele. “It really struck home with our own family and how we need to do so much more financially than just ‘not outlive our money’ or ‘beat the market with better returns,’” Krista says.
McBeath Financial Group does this by utilizing a comprehensive or, one might say, holistic approach to securing your finances.
Just as with one’s physical health, financial health can also be treated holistically. Such a comprehensive approach and strategic tax planning is what sets McBeath Financial apart from other financial planners.
“We look at the entire financial picture, including market risks, taxes, and healthcare costs to provide a lifestyle people deserve, without fear or guilt,” Krista explains. “Along the way, when optimizing these programs, we often find we can leave a legacy that lasts beyond our lifetimes.”
As no two people’s bodies are exactly alike, their financial situation can be entirely unique as well. Therefore, comprehensive planning delves into each client’s financial health, so to speak, in order to map out the best plan for continued fiscal health and growth.
This planning includes income distribution planning, social security filing options, strategic tax planning, increased healthcare costs, inflation adjustments, and estate legacy planning. The resulting, tailored approach is something Krista refers to as “financial therapy.”
Included in the process is the Technology Empowered Advisor Method, or TEAM approach. TEAM utilizes advanced computer algorithms to generate financial projections. Krista or one of her experienced advisors then interprets the resulting data and presents the client with options and guidance.
Although it may seem a great deal goes into this planning, having a plan and following it is key to retaining financial security. “After all,” Krista says, “if we don’t have a plan for our money, the IRS does!”
Clients Come First
While acting in their clients’ best interests reflects a fundamental tenet upon which McBeath Financial operates, it also sets them apart from other financial planners. As registered investment advisors, they are bound by the Advisers Act of 1940 to act with the highest integrity. In contrast, unregistered financial groups are not held to the same level of accountability for their actions.
Krista values the long-term relationships she develops with her investment clients and assures them they will always come first. Because of this, she is very selective in accepting new clients. McBeath Financial Group’s existing clients are never set aside in order to simply make room for more. Money is, after all, not the only thing invested in financial planning. Time is just as valuable, and it is Krista’s belief that an ongoing time investment with each client is paramount in helping them achieve their goals.
Continued growth is not limited to Krista’s clients, however. “Over the past five years, we’ve grown exponentially as a practice,” she shares. “Growth is great, but it’s important along the way to always maintain a personal touch with existing clients and not lose sight of what made us special. We’ve been selective in adding new staff and we’re very proud of the great team we have in place. Over the next few years, you can expect to see us continue to expand, but not at a pace out of our comfort zone.”
Expanding the Sphere of Help
While it is true Krista can’t be of on-the-spot financial help to everyone, she found a way to expand her reach in guiding others. On January 18th Krista released her book, The Generational Wealth System: A Holistic Approach to Preserving Your Wealth and Legacy.
In The Generational Wealth System, Krista discusses the keys to protecting wealth and creating a legacy. “I talk in a language people can understand and tell stories. Very few people want to read about money, but we all have a love of family and the causes we believe in. That’s at the heart of the book.”
Achieving best-seller status on Amazon, Krista’s book was ranked alongside authors Dave Ramsey and Suze Orman’s during the launch week. But with so many books on money, retirement planning, and creating wealth already out there, does the world need yet another piece on those subjects?
“Too many out there are missing the mark and not looking at the entire picture,” Krista insists. “I provide a systematic approach that I use with my successful planning clients to give them peace of mind, enjoying the retirement they deserve, and help them achieve even longer-lasting goals. It takes into account the six-wheel spokes, which represent six areas of wealth management, all integrated in the center with a tax strategy.”
The Generational Wealth System will be of particular use to those who are past the ‘accumulation’ stage of their lives, past the point of saving for college and debt management. People nearing or currently enjoying retirement will find Krista’s words to be a guidebook for maintaining their lifestyle and taking a serious look at estate planning.
“We expect to present the content from the book in webinars and, as safety permits, we may feel comfortable doing library workshops once again, or even teaching it as a class at Heartland Community College,” Krista submits. McBeath Financial is currently taking pre-registrations for an upcoming live webinar. Sign-up is available on the web at https://mcbeathfinancialgroup.com/genwealth-seminar.
The Attainable Dream
Financial security has certainly become more complicated since Benjamin Franklin’s days, but the fiscal responsibility he espoused remains at the heart of the work Krista and her team at McBeath Financial Group perform for their clients.
While it may be true you may not make every one of your dreams a reality simply by saving every penny, with McBeath Financial the dream of preserving your wealth for your family and enjoying your retirement are still possible.
McBeath Financial Group is located in Normal, Illinois. To learn more about preserving your wealth and legacy, call (309) 808-2224. Or visit www.mcbeathfinancial.com.
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